Off Market Purchase Agreement Help

[Brad Cornell]

Hey BP!

So I have a verbal agreement on a 25 unit portfolio and I need to get it under contract.  My question is this: is it best practice to have an attorney draft one up for me or is it better to be represented by a Realtor even though its off market and there are currently no Realtors involved.  I'd love to have a PA that I can modify the terms of but obviously want it to be legally sound.  What is normal for contracts when working off market deals?

Thanks all!

[Brian G.]

@Brad Cornell normally you can use a normal state-specific PA even though it's off market to tie up the deal and simply take that to a title company and they will guide you from there. However, given the nature of the deal and the unit count, I think it would be wise to call 3 people asap/tomorrow before proceeding:

1) A title company (ie explain the deal and see what they say)

2) A RE attorney for counsel about the PA (ie do you need a unique PA or not)

3) Your CPA or Tax Pro    

If you are working with a RE attorney, I don't see a reason to involve a RE agent since you will be legally guided/protected and it will cost you much less to hire a RE attorney than cut a RE agent into the deal. Keep us posted!